• Bitcoin trading volume is up 2% in the past 24 hours.
  • Six-year-old dormant wallet transfers $61 million worth of BTC.

Bitcoin, the largest cryptocurrency, has been under bearish pressure since mid-June, dropping below $58.5K amid strong selling pressure. However, in the past 24 hours, BTC has shown signs of recovery with a modest 2% price increase and a similar rise in trading volume. This recovery coincides with the heated debate between President Biden and former President Trump , which hinted at crypto discussions that ultimately did not occur.

Meanwhile, Bitcoin whales are making significant moves and dormant wallets are becoming active. Notably, a wallet that had been dormant for six years deposited 1,000 BTC (approximately $61.55 million) into Coinbase Prime four hours ago. Additionally,9 hours ago, 9,500 BTC (around $587.1 million) was transferred between unknown wallets.

Moreover, yesterday, a miner ‘s wallet that had been dormant for 14 years deposited 50 BTC (approximately $3.05 million) to Binance. This miner had earned the 50 BTC from mining on July 14, 2010.

A wallet that had been dormant for 6 years deposited 1K $BTC ($61.55M) into #Coinbase Prime 4 hours ago.

Address:
12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3 pic.twitter.com/jpm5bmM8Sa

— Lookonchain (@lookonchain) June 28, 2024

Accumulation Trends And Market Sentiment

Research reveals that after a sharp sell-off in late 2022, whales have been steadily accumulating BTC since early 2023. This steady accumulation has often preceded price rallies. Data shows that holders controlling at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC in a single day, worth around $436 million.

IntoTheBlock data revealed that on June 24th, when Bitcoin’s price briefly dipped below $60,000, there was a significant surge in net inflows. Large holders took advantage of this dip by adding 7,130 BTC to their wallets. It marks their highest net inflows since late May.

Despite these movements, Bitcoin’s price has not surged past the first resistance level of $62K. The daily RSI (Relative Strength Index) is at 35, indicating ongoing selling pressure.

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